With the benefit tied to its 401(k) plan, CSAA says 60% of its employees are contributing to the 401(k) for the first time or were not taking full advantage of the company’s 6% match prior to the program.

CSAA Insurance Group (CSAA IG), a AAA insurer, has launched a new benefit to help its employees pay down their student loans while saving for retirement.

Called “Employee Choice Plan,” the program requires employees to contribute at least 2% to CSAA’s 401(k) plan, which then permits them to direct up to 4% of their employer match benefit to pay down their student debt.

“We take a holistic view of wellness at CSAA IG, which includes providing employees tools and resources to build financial stability,” says Kristin Utler, compensation and benefits executive at the firm. “Student loan debt can burden people for years, and if we can offer employees help to manage their student debt, while getting them in the practice of contributing to a retirement account, it’s a win for everyone.”

Tuition.io, a platform for employee student loan contributions, handles the transfer of the matches to pay down employees’ student debt. Since the Employee Choice Plan launched in January, 230 CSAA Insurance Group employees have signed up for the program. Sixty-five percent of them are Millennials. The insurer says 60% of its employees are contributing to the 401(k) for the first time or were not taking full advantage of the company’s 6% match prior to the program.

CSAA Insurance Group points to a survey by the Center for Retirement Research that found Americans have racked up $1.5 trillion in student debt and that those who are carrying such debt have 50% less saved for retirement by age 30 than those who do not have any student loan debt.